Sales were up 4% in the Asia Pacific with a 7% increase in mainland China, Hong Kong and Macau combined. Growth in the Americas came in at 1% thanks to improvements in the second half of the year, while Europe grew by 2% year-on-year.

Sales in the Middle East & Africa improved by 7% and Richemont highlighted that Japan had the strongest regional performance for the year at 8%.

Jewellery Maisons drove growth for the company with combined sales up by 6% (12% at constant exchange rates) to more than €14 billion. Meanwhile, Specialist Watchmakers reported a decline of 3% (up 2% at constant exchange rates) to €3.8 billion and the Other business area (including fashion and accessories) had a loss of €43 million, while fashion and accessories alone broke even.

Gross profit was up by 2% for the year to €14 billion with a margin down to 68.1%. Richemont reported profit for the year of €2.36 billion.

Chairman Johann Rupert said: “We experienced a softening of sales in the fourth quarter in Asia Pacific against challenging comparatives, which was more than offset by higher growth in all the other regions. As we predicted, a sustainable rebound in Chinese demand would take some time.

“We are encouraged by our increasingly balanced client mix across nationalities, with the emergence of several growth engines for the Group. Our deliberate focus on local clients across geographies, supported by increased direct client interaction, is contributing to improved resilience.”